SML ISUZU LIMITEDsmlisuzu.com/Upload/Presentation/f9f059fe_SML Isuzu...2010 Rights Issue of...

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SML ISUZU LIMITED Company Presentation MIDCAP Conference organised by Motilal Oswal 30th November, 2017 (Mumbai)

Transcript of SML ISUZU LIMITEDsmlisuzu.com/Upload/Presentation/f9f059fe_SML Isuzu...2010 Rights Issue of...

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SML ISUZU LIMITED

Company Presentation

MIDCAP Conference organised by Motilal Oswal

30th November, 2017 (Mumbai)

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Safe Harbor

• This presentation and the accompanying slides (the “Presentation”), which have been prepared by theCompany have been prepared solely for information purposes and do not constitute any offer,recommendation or invitation to purchase or subscribe for any securities, and shall not form the basisor be relied on in connection with any contract or binding commitment what so ever. No offering ofsecurities of the Company will be made except by means of a statutory offering document containingdetailed information about the Company.

• This Presentation has been prepared by the Company based on information and data which theCompany considers reliable, but the Company makes no representation or warranty, express orimplied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairnessand reasonableness of the contents of this Presentation. This Presentation may not be all inclusive andmay not contain all of the information that you may consider material. Any liability in respect of thecontents of, or any omission from, this Presentation is expressly excluded.

• Certain matters discussed in this Presentation may contain statements regarding the Company’smarket opportunity and business prospects that are individually and collectively forward-lookingstatements. Such forward-looking statements are not guarantees of future performance and are subjectto known and unknown risks, uncertainties and assumptions that are difficult to predict. These risksand uncertainties include, but are not limited to, the performance of the Indian economy and of theeconomies of various international markets, the performance of the industry in India and world-wide,competition, the company’s ability to successfully implement its strategy, the Company’s future levelsof growth and expansion, technological implementation, changes and advancements, changes inrevenue, income or cash flows, the Company’s market preferences and its exposure to market risks, aswell as other risks. The Company’s actual results, levels of activity, performance or achievements coulddiffer materially and adversely from results expressed in or implied by this Presentation. The Companyassumes no obligation to update any forward-looking information contained in this Presentation. Anyforward-looking statements and projections made by third parties included in this Presentation are notadopted by the Company and the Company is not responsible for such third party statements andprojections.

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Board of Directors

S.K.Tuteja, IAS

(Retd.)

Chairman

& Independent

Director

After serving on the key assignments in various Government Departments at

Punjab and Center, Mr. Tuteja retired as Secretary, Food & Public Distribution,

Government of India in 2005. Mr. Tuteja has over 47 years of rich experience in

diverse fields which include district administration, education, industry, trade,

commerce, finance and company matters.

A.K.Thakur

Independent

Director

A qualified Chartered Accountant. Mr. Thakur retired as an Executive Director from

UTI. He has around 51 years of experience in various areas such as accounts,

finance, investment and corporate affairs.

P.K.Nanda

Independent

Director

A qualified Chartered Accountant, Mr. Nanda held several key managerial

positions in multi national companies both abroad and in India having over 55

years of rich experience in various areas such as finance, corporate affairs,

international trade and commerce, business strategy, etc.

He was appointed as the Chairman and Managing Director of Metal Box India in

1970. He was also the founder president of the Confederation of Indian Industry

(CII) and served as a member of several Government appointed committees, RBI

working groups and of Confederation of British Industry, etc.

2

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Sudhir Nayar

Independent

Director

A B.Tech from IIT Delhi and MBA from FMS, Delhi University. Mr. Nayar has over

31 years of rich experience in Sales & Marketing functions. He has worked with

many reputed organizations such as Hindustan Lever Limited (HUL) and Tata Oil

Mills Company (TOMCO).

Dr. (Mrs) Vasantha

S. Bharucha

Independent

Director

An economist of repute, Dr. Bharucha holds Doctorate in Economics from

University of Mumbai. She served as Economic Adviser in the Ministry of

Commerce & Industry, Government of India. Dr. Bharucha has rich experience in

industry, trade and finance in the engineering and consumer goods sectors and

has published a number of reports and strategy papers on Economic subjects.

Dr. Bharucha was an Independent Director on the Central Board of State Bank of

India (SBI) for three years during 2008-2011 and was also a Director on the Board

of Delhi Circle of SBI.

M. Nakajima A graduate from Waseda University, Japan. Mr. Nakajima joined Sumitomo

Corporation in 1985 and currently holds the post of General Manager, Automotive

Division 1 of Sumitomo Corporation. Mr. Nakajima has around 32 years of

experience in the areas of Corporate Planning & Marketing.

Board of Directors

3

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T. Kikkawa A graduate from Keio University, Japan. Mr. Kikkawa joined Sumitomo Corporation

in April, 1983 and his current position in Sumitomo Corporation is General

Manager, Automotive Manufacturing Business Department 1. He has around 34

years of experience in automotive business.

M. Narikiyo A graduate in Commercial Science from Kobe University, Japan. Mr. Narikiyo

joined Sumitomo Corporation, Japan in April 1984 and has several years of

experience in Sales & Marketing. He is currently Chairman & Managing Director of

Sumitomo Corporation India Pvt. Limited.

Pankaj Bajaj A qualified Chartered Accountant and Company Secretary. Mr. Bajaj started his

career in 1995 with Deloitte Haskins & Sells and joined Sumitomo Corporation

India Private Limited in 1997 as company secretary. He is currently Director and

Company Secretary of Sumitomo Corporation India Pvt. Limited.

K. Goda A graduate from Kyoto Sangyo University, Japan. Mr. Goda joined Isuzu Motors in

1990 and has over 25 years of experience in International Business Development

and International Sales. He is currently associated with Isuzu Motors as a General

Manager, International Sales.

Board of Directors

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Eiichi Seto

(Managing

Director & CEO)

A graduate in Law from Waseda University, Tokyo (Japan). Mr. Seto joined

Sumitomo Corporation in 1982 and has several years of experience in the motor

vehicles department. In 1993, he was appointed as General Manager, Automotive

Department in Sumitomo Corporation de Mexico and in 2004, he was appointed

as Vice President and General Manager, Detroit Office, Sumitomo Corporation of

America. In 2007, he was appointed as Director and General Manager, Melbourne

Office, Sumitomo Australia Private Limited. Further in 2009, he was also appointed

as General Manager, Automotive Manufacturing Business Department, Sumitomo

Corporation.

Gopal Bansal

(Whole-time

Director & CFO)

A qualified Chartered Accountant & Company Secretary. He started his career in

1980 with Punjab Tractors Limited - PTL (Swaraj Group) and got associated with

SML Isuzu on secondment from PTL, the promoter of the Company.

Mr. Bansal has over 33 years of rich experience in various areas such as corporate

affairs, finance & accounts, risk management, secretarial & taxation, investor

relations, etc.

Takahiro Imai

(Director – R&D)

(Isuzu Products &

Projects)

A graduate in Engineering from Kyushu University (Japan). He joined Isuzu Motors

Limited in 1997 and his last position in the Isuzu Motors was Manager-CV Chassis

Engineering. He has experience of around 19 years with Isuzu in the area of

Automobile Engineering.

Board of Directors

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Repo Rate

Source : Department of Industry Policy & Promotion, Govt. of India

Source : Ministry of Statistics & Prog. Implementation, Govt. of India

759

902 873

710 702788 823

300

600

900

1200

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

CV Sales ('000)

Source : Society of Indian Automobile Manufacturers (SIAM)

India - An Overview

6

5361

69

8087

94103

30

40

50

60

70

80

90

100

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

Per Capita Income (Rs '000)

1.91.9

2.3

6.57.4

0.0

2.0

4.0

6.0

8.0

10.0

Euro Area Mexico USA China India

GDP Growth Forecast - 2018 (%)

Source : IMF - Economic Outlook, October, 2017

1447

1630

500

1000

1500

2000

Apr-Sep 16 Apr-Sep 17

FDI Equity Inflows (Rs billions)

+13%

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Old New

Changing Trends

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Total Commercial Vehicle Industry (Nos. in ‘000)

As per ICRA, domestic CV volumes are expected to grow @ 6-7% in FY 17-18

8

372484

547450 401 410 432

109

127118

100100 113

120

278

291 208

160201

265271

0

100

200

300

400

500

600

700

800

900

1000

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

12 ton & above 5 ton to 12 ton Upto 5 ton

788

702710

873902

759823

702

902

759

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Commercial Vehicle Industry

9

CV Industry (Domestic+Export)

Apr-Oct 16 Apr-Oct 17 % change

M&HCVs (above 7.5 ton)

Passenger Carriers 33,649 26,435 -21.4%

Goods Carriers 1,53,461 1,50,781 -1.7%

Total M&HCVs - A 1,87,110 1,77,216 -5.3%

LCVs (upto 7.5 ton)

Passenger Carriers 33,853 28,350 -16.3%

Goods Carriers 2,44,314 2,65,219 8.6%

Total LCVs - B 2,78,167 2,93,569 5.5%

Total (A+B) 4,65,277 4,70,785 1.2%

SMLI Segment (5 - 12 ton)

Passenger Carriers (5 to 12 ton) 31,283 27,808 -11.1%

Goods Carriers (3.5 to 10 ton) 36,262 37,837 4.3%

Total 67,545 65,645 -2.8%

SMLI Sales

Passenger Carriers 5,011 3,431 -31.5%

Goods Carriers 4,272 2,610 -38.9%

Total 9,283 6,041 -34.9%

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Major Milestones1983 Swaraj Vehicles Ltd. (SVL) incorporated

1984 Joint Venture and Technical Assistance Agreement between Punjab Tractors

Ltd., Mazda Motor Corporation & Sumitomo Corporation concluded.

SVL renamed Swaraj Mazda Limited (SML)

1985 Project setup with a capacity of 5,000 LCVs at capital outlay of Rs. 200 Million.

Equity of Rs. 105 Million was subscribed by

-- Punjab Tractors Ltd 29.0%-- Mazda Motor Corpn. Japan 15.6%-- Sumitomo Corpn. Japan 10.4%-- Public 45.0%

Trial production and test marketing of Swaraj Mazda Truck

WT-48, WT-49 and WT-50 LCVs commenced

1986 Beginning of Commercial operations

1987 Launch of Indigenously developed 26 seater bus

1994 Became financially sick – due sharp Rupee devaluation

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1997 Financial health restored –3 years earlier than Rehabilitation Scheme.

2000 Maiden Dividend @ 10%

2005 Sumitomo Corporation, Japan raised its equity holding in the Company to 41%.

2006 Technical Assistance Agreement with Isuzu Motors signed.

2008 Ultra Luxury Buses both on SML & Isuzu Platforms launched.

2009 Sumitomo raised its stake in the Company to 53.52% by buying entire equity holding of Punjab Tractors Ltd. in the Company.

Major Milestones

11

2010 Rights Issue of 3,984,946 equity share of Rs. 10 each at a premium of Rs. 190 per share in the ratio of 11:50 raised Rs. 79.7 crores.

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2011 Swaraj Mazda renamed as SML ISUZU LIMITED.

2012 Isuzu Motors raises its stake to 15%; Dividend raised to 80% on post-rights equity.

S7 Bus 5100 WB (50+1 seater) on SML platform launched.

FR1318 bus (40+1 Seater) on Isuzu platform introduced.

Highest-ever Production and Highest-ever Profit achieved.

2014 S7 Bus 3940 WB (37+1 seater) & S7 Bus AC version launched

Fuel Efficient & High Torque series launched (for all vehicles)

Sartaj 5252 XM (5200 GVW) Truck Launched

2015 Sartaj 59XM (5900 GVW) Truck Launched

Sales volume crossed 2 Lacs mark

Major Milestones

12

2016 Executive Lx Coach (GVW-7ton) & Ecomax Bus (GVW-5Ton) under Tourist Bus segment Launched

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Equity & Dividend Record

Year Nature of Issue No. of Shares

(Lacs)

Price Per

Share

Current

Price(28th Nov’ 17)

1985 Initial Public Offer (IPO) 105 Rs.10/- Rs. 900/-approx.

2010 Rights Issue 40 Rs. 200/- Rs. 900/-approx.

2002 Dividend – 25%2003 Dividend – 45%2004 Dividend – 70%2005 Dividend – 75%2006 Dividend – 55%2007 Dividend – 55%2008 Dividend – 55%2009 Dividend – 15%

2010 Dividend – 40%2011 Dividend – 80%2012 Dividend – 80%2013 Dividend – 80%2014 Dividend – 30%2015 Dividend – 60%2016 Dividend – 80%2017 Dividend – 80%

Dividend Track Record

13

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Equity Shareholding Pattern as on 24th November, 2017

14

Category No. of

Shares

held

% age of

Shareholding

Sumitomo Corporation (Promoter) 6362306 43.96

Isuzu Motors Limited 2170747 15.00

National Westminster Bank PLC 470990 3.25

Sachin Bansal 281975 1.95

Birla Sunlife Trustee Company Private Ltd. 144887 1.00

UTI Mid Cap Fund 143536 0.99

Jupiter South Asia Investment Company Limited -

South Asia Access Fund124183 0.86

Axis Mutual Fund Trustee Limited 84603 0.59

Others 4688419 32.40

GRAND TOTAL 14471646 100.00

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Market Potential

Demand Factor Conditions

• As per IMF Forecast – October 2017, India’s GDP growth in 2018 is estimated at 7.4%

against world average estimate of 3.7%.

• International ratings agency Moody’s Investor Service has recently upgraded India’s

sovereign bond rating to “Baa2” from “Baa3” with a stable outlook.

• As per GIA study on Commercial Vehicles (CV), Asia-Pacific is expected to emerge as

the fastest growing hub for CV production led by shifting of automobile production bases

to low cost Asian countries.

• As per CRISIL, long term prospects of the Commercial Vehicle industry are positive.

Apart from macro-economic factors, implementation of emission & anti-overloading

norms, scrapping regulations for older vehicles and changing landscape of the logistics

industry towards an organized one would continue to support demand for CVs.

Long term prospects of commercial vehicle industry are secular. Economic growth in themedium to long term would be driven by infrastructure investments in areas such as –roads, bridges, power generation, information technology, civil aviation, sea-ports,health, education etc. This trend would generate increased demand for commercialvehicles in coming years.

15

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• As per ICRA, domestic CV industry is likely to register a growth of 6-7% in FY 2018.M&HCV truck segment is likely to register a growth of 2-4% during vis-à-vis flat sale inprevious year aided by pent-up demand post GST, higher budgetary allocation towardsinfrastructure & rural sectors, stricter implementation of regulatory norms especiallyrelated to vehicle length and overloading norms and replacement of ageing fleet.Further, LCV truck segment is expected to register a growth of 14-16% on account ofreplacement led demand, greater demand from e-commerce focused logistic companiesand gradual improvement in finance environment.

• As per ICRA, Bus segment will witness 10-12% contraction during 2017-18 due todecline in orders from SRTUs (under the JnNURM programme). However, the segment’sprospects remain favorable over the medium term driven by Govt.’s focus on improvingurban as well as rural transportation and focus towards smart cities initiatives.

Improving conditions of road infrastructure – development of state highways & expressways, focus on power generation, housing, health &

education coupled with increasing disposable incomes and changing commuting habits, are expected to maintain the growth momentum in the

Indian CV market.

16

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An Overview

• Wide Range of Products-- Both in Cargo (5 – 12 ton) and Passenger Categories (13 - 52 seats)

• Installed Capacity-- 18000 Vehicles

-- 4000 Bus Bodies

• Manpower Strength-- Regular - 1000 approx.

-- Contract - 1100 approx.

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Product PortfolioCargo GVW(Kgs)

LCVs

– Sartaj 5252 XM - 5200

– Sartaj 59 XM - 5900

– Sartaj HG 72 XM - 7200

– Prestige XM - 6440

M&HCVs

– Supreme XM - 8000

– Super XM - 8720

– Samrat XM - 10250

– Super 12.0 XM - 11990

– Super 12.9 XM - 12900

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Product PortfolioBuses

SML Platform

-- Standard buses 18 to 52 seater

(AC/Non-AC)

-- Executive Coach 13 seater

Delux (AC)

-- Executive LX Coach 20/29/31

seater Delux (AC)

Isuzu Platform

-- LT 134 Ultra Luxury 45 seater (AC)

-- FR1318 Luxury 40 seater (AC)

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Product Portfolio

Special Application Vehicles

-- Ambulance

-- Water Tanker

-- Tipper

-- Delivery Van

-- Dual Cabin

-- 4-Wheel Drive Truck

-- 4-Wheel Drive Ambulance

-- Troops Carrier

20

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Marketing Network ZONAL OFFICES = 12

-- Ahmedabad-- Bangalore -- Bhopal-- Chennai-- Cochin-- Delhi-- Hubli-- Hyderabad-- Kolkata-- Lucknow-- Pune-- Mumbai

SALES, DISTRIBUTION & SERVICE NETWORK

-- 127 Dealers (including Export)(30 Dealers added in last 2 years)

-- 16 Authorized Service Centres -- 21 Spare Parts Distributors

21

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Performance Indicators – Last Ten Years

22

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Vehicles Sale

- Passenger Carriers 6388 4860 5440 6417 6612 6310 6285 7803 6813 8012

- Cargo Trucks 4884 3160 4693 6453 7034 5735 3475 3956 5887 7172

- Total 11272 8020 10133 12870 13646 12045 9760 11759 12700 15184

Revenue (Net) 671.4 547.0 722.2 913.0 1042.2 1011.1 886.0 1,114.3 1,172.6 1,373.1

Operating Profit 53.7 28.0 57.9 70.7 86.0 79.3 36.4 74.3 93.0 112.2

Margin 8.0% 5.1% 8.0% 7.7% 8.3% 7.8% 4.1% 6.7% 7.9% 8.2%

Interest 11.7 18.1 18.9 10.4 10.6 18.6 5.9 5.8 5.2 4.0

Cash Profit 42.0 9.9 39.0 60.3 75.4 60.7 30.5 68.5 87.8 108.2

Margin 6.3% 1.8% 5.4% 6.6% 7.2% 6.0% 3.4% 6.1% 7.5% 7.9%

Depreciation 3.3 5.8 8.6 8.9 10.4 12.2 12.8 19.8 19.5 23.5

Profit Before Tax 38.7 4.1 30.4 51.4 65.0 48.5 17.7 48.7 68.3 84.6

Margin 5.8% 0.7% 4.2% 5.6% 6.2% 4.8% 2.0% 4.4% 5.8% 6.2%

Exceptional Item - - - - 4.9 - - - - -

Profit After Tax 25.2 4.8 21.4 36.6 41.9 36.4 17.4 36.9 51.2 62.8

Dividend

- Rate 55% 15% 40% 80% 80% 80% 30% 60% 80% 80%

- Outflow 6.8 1.8 6.8 13.5 13.5 13.5 5.1 10.5 13.9 13.9

- Payout Ratio 27% 38% 32% 37% 32% 37% 29% 28% 27% 22%

Retained Earnings 18.4 3.0 14.6 23.1 28.5 22.9 12.3 26.4 37.3 62.8*

Equity Share Capital 10.5 10.5 14.5 14.5 14.5 14.5 14.5 14.5 14.5 14.5

Net Worth 93.6 96.6 189.7 212.8 241.2 264.1 276.4 302.8 340.1 402.5

EPS (Rs.) 24.0 4.4 19.4 25.3 28.9 25.2 12.0 25.5 35.4 43.4

(before exceptional item)

Book Value (Rs.) 89.1 92.1 131.1 147.0 166.7 182.4 191.0 209.2 235.0 278.1

Rs. Crores

*Dividend declared for FY 2016-17 will be accounted for when it is paid (i.e. in FY 2017-18)

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FINANCIAL RESULTS - QUARTER AND HALF YEAR ENDED SEP’ 17

(Ind AS)

23

(Rs. Crores)

30.09.2017 30.09.2016

INCOME

a) Revenue from operations (including excise duty) 584.61 852.55

b) Other income 0.67 2.47

Total Income 585.28 855.02

EXPENSES

a) Cost of materials consumed 382.27 460.72

b) Purchase of stock-in-trade 26.12 22.52

c) Changes in inventories of finished goods, work-in-progress -7.00 79.67

and stock-in-trade

d) Excise duty on sales 39.09 88.81

e) Employee benefits expense 73.22 69.42

f) Finance Cost 5.15 3.83

g) Depreciation and amortisation expense 14.04 11.52

h) Other expenses 48.12 49.91

Total Expenses 581.01 786.40

Profit / (Loss) before exceptional items and tax 4.27 68.62

Exceptional Items - -

Profit / (Loss) before tax 4.27 68.62

Tax expense 0.88 18.06

Profit / (Loss) for the period 3.39 50.55

Total Comprehensive income for the period (7+8) (comprising 2.29 50.87

Profit /(Loss) and Other Comprehensive income for the period)

Basic and diluted earnings per share on Net Profit after tax

(Rupees) 2.34 34.93

Particulars Half Year Ended

Unaudited

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Financial Graphs

24

10421011

886

11141173

1373

400

600

800

1000

1200

1400

2012 2013 2014 2015 2016 2017

Revenue (net) - Rs crores

86 79

36

74

93

112

20

40

60

80

100

120

2012 2013 2014 2015 2016 2017

Operating Profit - Rs crores

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Financial Graphs

257

65

49

18

49

68

85

5

25

45

65

85

2012 2013 2014 2015 2016 2017

Profit Before Tax - Rs crores

28.925.2

12.0

25.5

35.4

43.4

5

15

25

35

45

2012 2013 2014 2015 2016 2017

Earnings Per Share (EPS) - Rupees

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Balance Sheet Analysis – Last Ten years

26

Rs. Crores

MAR' 08 MAR' 09 MAR' 10 MAR' 11 MAR' 12 MAR' 13 MAR' 14 MAR' 15 MAR' 16 MAR' 17

SOURCES OF FUNDS

SHAREHOLDER'S FUNDS

SHARE CAPITAL 10.5 10.5 14.5 14.5 14.5 14.5 14.5 14.5 14.5 14.5

RESERVES & SURPLUS 83.1 86.0 175.2 198.3 226.7 249.6 261.9 288.4 325.7 388.0

TOTAL 93.6 96.5 189.7 212.8 241.2 264.1 276.4 302.9 340.2 402.5

BANK BORROWINGS (net) 142.6 220.3 84.6 67.0 40.0 132.1 - - 30.0 38.6

DEFERRED TAX LIABILITY (net) (1.60) (2.80) 6.2 8.0 10.1 10.5 9.6 2.6 5.6 5.6

TOTAL 141.0 217.5 90.8 75.0 50.1 142.6 9.6 2.6 35.6 44.2

TOTAL FUNDS 234.6 314.0 280.5 287.8 291.3 406.7 286.0 305.5 375.8 446.7

APPLICATION OF FUNDS

FIXED ASSETS (net) 99.7 127.9 125.1 135.3 143.4 149.3 151.9 164.4 211.4 290.9

TOTAL 99.7 127.9 125.1 135.3 143.4 149.3 151.9 164.4 211.4 290.9

CURRENT ASSETS, LOANS &

ADVANCES

INVENTORIES 123.5 149.3 160.0 210.2 226.4 230.6 243.3 285.9 338.5 294.6

TRADE RECEIVABLES 185.6 146.3 136.6 116.5 121.0 150.7 81.8 104.4 102.8 114.8

CASH AND BANK BALANCES 9.2 7.0 32.0 23.0 28.0 45.1 41.7 65.4 11.1 7.6

LOANS AND ADVANCES 24.9 30.3 33.8 37.0 35.5 42.5 30.9 27.7 35.5 74.2

OTHER CURRENT ASSETS 4.6 1.9 1.6 3.2 4.4 10.6 0.9 4.9 2.3 0.6

TOTAL (A) 347.8 334.8 364.0 389.9 415.3 479.6 398.7 488.4 490.3 491.9

CURRENT LIABILITIES AND

PROVISIONS

TRADE PAYABLES 192.6 133.5 185.0 198.5 223.3 164.3 212.0 262.9 239.0 262.8

PROVISIONS 20.3 15.2 23.6 38.9 44.1 57.9 52.6 84.4 86.9 73.3

TOTAL(B) 212.9 148.7 208.6 237.4 267.4 222.2 264.6 347.3 325.9 336.1

NET CURRENT ASSETS (A-B) 134.9 186.1 155.4 152.5 147.9 257.4 134.1 141.1 164.4 155.8

TOTAL 234.6 314.0 280.5 287.8 291.3 406.7 286.0 305.5 375.8 446.7

As at 31st

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